Last week saw a jump in average sold price, while withdrawn properties, days on market and inventory continues to climb.

Price

Average sold price for a single family home jumped last week to an all time high of $856,180.  All property types show a similar pattern with the average sold price at $764,592.

But, this is most likely due to a couple of extraordinarily high sales prices and not a trend that will continue as the median sales price remained a more modest $675,000 for a single family home and off the 2022 high of $691,500.

Withdrawn and Expired

Last week saw the largest jump of withdrawn properties in the last 13 years at 362 in one week.  At a total inventory of about 9,000 homes on the market, that is just over 4% of home owners choosing to take their home off the market in one week.

Longer marketing time and bad agents that set poor expectations about market conditions, home preparation and proper pricing are all likely contributing factors.

Once again, The Rise of the Professional is being demanded by the consumer.

Days on Market

Average days on market hit a low of 23.72 days in week 18 of this year and has climbed steadily since, hitting 32.25 days this last week.  While this stat likely continues to climb through year end, it’s valuable to note, so far this is only an 8.5 day increase year to date.

Even more valuable to note is that the Median Days on Market is a much more seller friendly 17 days.  But even this is hard for the seller market to wrap their head around when just one year ago the median was 9 days, two years ago it was 6 days and 3 years ago it was just 4 days.

Median versus Average: Average is calculated by adding up all of the individual values and dividing this total by the number of observations (in this case total value of all sales divided by the number of sales). Median is calculated by taking the “middle” value, the value for which half of the observations are larger and half are smaller.

Inventory, Showings and Contracts

Inventory continues its march upward, hitting 9,078 homes on the market last week.

While buyer showings continue to surpass expectations this time of year at over 24,000 showings last week, showing activity is not translating to contracts at a pace that tempers inventory increase.

In fact the number of withdrawn properties last week is the significant factor that flattens the curve of inventory increase a bit.  1028 properties went under contract last week, but 362 withdrawn.  362 withdrawn is then 35% of the properties that came off the market last week.

You can see by the below chart that for the last 6 weeks new listings has far outpaced the number of properties going under contract.  This is leading to a rapid rise of inventory.

When we layer in withdrawn listings we can see the relationship of withdrawn to new listings and under contract tempering the rise of active inventory.